If you’re planning a trip to the jeweler, take a deep breath. As of Saturday, January 3, 2026, gold and silver are hovering at levels that would have seemed “unimaginable” just a year ago.
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The thing is, the “safe haven” trade is in overdrive. Between a weaker dollar and the global central banks hoovering up reserves like there’s no tomorrow, precious metals are the only things looking steady. Or nothing. Let’s be real, seeing 24K gold hit ₹1.36 lakh makes those old “expensive” prices look like a bargain. Those too.
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The “Bullion” Log: Field Notes
It’s an ongoing situation where the price tag is scaring off the average shopper.
The Reality Check: 24K gold is now sitting at ₹1,36,210 per 10 grams in Mumbai. If you’re looking for jewellery (22K), you’re still shelling out ₹1,24,860.
The “Kicker”: These prices don’t even include the 3% GST or making charges. A simple 10-gram necklace could easily set you back ₹1.5 lakh today.
Silver’s Explosion: Silver is the real wild child. It’s trading near ₹2,42,100 per kg. Analysts are blaming a massive supply deficit and a “flash crash” recovery that has the market spooked.
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City-Wise Rate Card (January 3, 2026)
And here’s the kicker: where you live matters for your wallet. Chennai is currently the most expensive major hub for gold.
| City | 24K Gold (per 10g) | 22K Gold (per 10g) | Silver (per kg) |
| Delhi | ₹1,36,360 | ₹1,25,010 | ₹2,42,100 |
| Mumbai | ₹1,36,210 | ₹1,24,860 | ₹2,42,100 |
| Chennai | ₹1,37,250 | ₹1,25,810 | ₹2,60,100 |
| Bengaluru | ₹1,36,210 | ₹1,24,860 | ₹2,42,100 |
| Kolkata | ₹1,36,210 | ₹1,24,860 | ₹2,42,100 |
The “Coin” Pivot
It’s an ongoing situation where the “Prachi Kadam effect” is taking over. Millions of Indian homemakers are ditching bangles for gold coins and bars.
The Logic: Why pay a 15% making charge for a necklace when you can buy a 10-gram coin and save the labor cost?
The Trend: Retail jewellery sales are down 50% in some regions, but demand for “safe-haven” bars is hitting records. People are treating gold like a bank account, not a fashion statement.
Basically, with the US Fed potentially cutting rates again in March and the rupee slipping past 90 per dollar, nobody expects a massive crash. The “new normal” for gold might just be six figures.
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